4641 N 29th St #4643 · Milwaukee, WI 53209

$180,000

4 bd · 2.0 ba · 1,860 sqft · MultiFamily · 29 Days on market

Built 1926 Fair condition 3,484 sqft lot Est $153k · 18% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Nicely maintained duplex offering strong investment potential with both units currently occupied for immediate cash flow! Each unit features 2 bedrooms and 1 full bath, with the upper unit also offering a bonus room perfect for an office, den, or additional flex space. Both units are clean and well-kept throughout, making this a turnkey addition to your portfolio. Exterior features include a rear balcony for the upper unit and a 3-car parking slab providing ample off-street parking. Great opportunity for investors looking for a solid income-producing property!

Key facts

• Rear balcony
• Bonus room
• 3-car parking slab

Tags

• BONUS ROOM
• REAR BALCONY
• 3-CAR PARKING SLAB
• TURNKEY ADDITION

Property features AI

Finance

• Other: Two residential units in the building; Tenants' personal property excluded

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer; Two electric meters; Two gas meters
• Home design: 2-story duplex; Multi-family property; Zoned RT3; Less than 1/2 acre lot (approximately 0.08 acre)
• Construction: Assessor/Public Record indicates year built (not specified)
• Exterior features: Vinyl and wood exterior

Interior

• Kitchen: Unit 2 kitchen located on upper level
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $180k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $662 ($8k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 5.1% in Milwaukee — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#55 in WI, #1,534 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+, schools F, crime F.
• Milwaukee School District (urban): math 10% / reading 18% proficiency, ranked #337 of 342 in WI (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.6%/yr); 168 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,017 units permitted in Milwaukee County in 2024 (803 in 5+ unit buildings).
• At $2,412/mo this rent would consume 60% of the median local household income ($48k/yr) (locally 3390% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Milwaukee County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,300 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.75%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $152,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4537 N 27th St	0.18mi	4/2.0	2,012 (+8%)	8mo	$150,000	$75	71
4572 N 38th St Unit 4572A	0.55mi	4/2.0	1,873 (+1%)	4mo	$110,000	$59	70
4703 N 35th St	0.39mi	4/2.0	1,789 (-4%)	9mo	$147,500	$82	68
4783 N 30th St #4785	0.19mi	5/2.5 (+1)	2,050 (+10%)	3mo	$85,000	$41	65
4568 N 38th St	0.54mi	4/2.0	1,796 (-3%)	8mo	$70,000	$39	62
4952 N 25th St	0.50mi	4/2.0	2,027 (+9%)	0mo	$140,000	$69	61
4215 N 26th St #4217	0.62mi	4/2.0	2,080 (+12%)	2mo	$190,000	$91	50
4673 N 36th St	0.45mi	4/2.0	2,120 (+14%)	9mo	$200,000	$94	48
5021 N 27th St	0.49mi	5/2.0 (+1)	1,630 (-12%)	5mo	$135,000	$83	47
4729 N 19th Pl Unit 4729A	0.70mi	3/2.0 (-1)	1,761 (-5%)	9mo	$195,000	$111	46
4246 N 21st St	0.74mi	3/2.0 (-1)	2,033 (+9%)	2mo	$194,900	$96	43
4855 N Hopkins St	0.63mi	4/2.0	1,610 (-13%)	8mo	$70,000	$43	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.51×
• Total profit: $25,749
• Equity at exit: $26,839

10-year hold

• IRR: 24.7%
• Equity multiple: 3.68×
• Total profit: $134,840
• Equity at exit: $15,563

Cash invested: $50,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 53209

• Rents YoY: 8.6%
• Active inventory: 168
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,412 high
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $662

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 68%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,412
Total (2 units)			$2,412

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W Atkinson Ave Unit A Milwaukee, WI	4.0	1.0	1707	$2,000	$1.17	2d	1	0.88mi
3925 N 42nd St Milwaukee, WI	3.0	1.0	1300	$1,675	$1.29	44d	1	1.25mi
2106A W Keefe Ave Unit 2106 Lower Milwaukee, WI	3.0	1.0	1300	$1,100	$0.85	17d	1	1.44mi

Listing history 15 events

1. 2026-06-18
   days on market $180,000 Active 29 DOM
2. 2026-06-17
   days on market $180,000 Active 28 DOM
3. 2026-06-16
   days on market $180,000 Active 27 DOM
4. 2026-06-15
   days on market $180,000 Active 26 DOM
5. 2026-06-13
   days on market $180,000 Active 24 DOM
6. 2026-06-13
   days on market $180,000 Active 23 DOM
7. 2026-06-09
   days on market $180,000 Active 20 DOM
8. 2026-06-08
   days on market $180,000 Active 19 DOM
9. 2026-06-07
   days on market $180,000 Active 18 DOM
10. 2026-06-05
    days on market $180,000 Active 15 DOM
11. 2026-06-03
    days on market $180,000 Active 14 DOM
12. 2026-06-02
    days on market $180,000 Active 13 DOM
13. 2026-06-01
    days on market $180,000 Active 12 DOM
14. 2026-05-31
    days on market $180,000 Active 11 DOM
15. 2026-05-19
    listed $180,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,944
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,316
• − Management: −$2,316
• − Depreciation: −$5,236
• Taxable income: $5,394
• Est. tax owed @ 24.0%: −$1,295
• After-tax cash flow: $6,644/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 8 photos

Fair 45/100 Moderate rehab

This is a moderately rehabbed multi-family property with some clutter and outdated fixtures. Deep cleaning, organization, and updates to the bathrooms and landscaping would significantly increase its value.

Repairs flagged

• Major Kitchen counters — Cluttered and in need of cleaning and organization.
• Major Bathroom fixtures — Outdated and in need of replacement.
• Major Landscaping — Overgrown and requires trimming and maintenance.

Value-add opportunities

• Both Deep cleaning and organization of the kitchen and bathrooms — Improves the overall appearance and functionality of the home, making it more attractive for both resale and rental.
• Both Replace outdated bathroom fixtures — Enhances the aesthetic appeal and functionality of the bathrooms, making the home more attractive for both resale and rental.
• Both Landscaping and curb appeal improvements — Enhances the overall curb appeal and aesthetic of the home, making it more attractive for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen counters · Cluttered and in need of cleaning and organization.	Major	$15,000–50,000
Bathroom fixtures · Outdated and in need of replacement.	Major	$15,000–50,000
Landscaping · Overgrown and requires trimming and maintenance.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Deep cleaning and organization of the kitchen and bathrooms — Improves the overall appearance and functionality of the home, making it more attractive for both resale and rental. ↑
• Both Replace outdated bathroom fixtures — Enhances the aesthetic appeal and functionality of the bathrooms, making the home more attractive for both resale and rental. ↑
• Both Landscaping and curb appeal improvements — Enhances the overall curb appeal and aesthetic of the home, making it more attractive for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Milwaukee School District
• NCES district ID: 5509600
• Math proficiency: 10% ▼ -5.00%
• Reading proficiency: 18% ▬ 0.00%
• Median HH income: $36,339
• Composite: 11.61/100
• National rank: #9696
• State rank: #337 of 342 in WI

Livability — Milwaukee

• Score: 81/100
• State rank: #55
• US rank: #1534

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D+ Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milwaukee, WI
• County: Milwaukee County · 926,379 people
• City population: 573,768
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 45,170
• Household income: $48,486
• Rent vs Own: 56.2% rent · 43.8% own
• Severe rent burden: 3390.0

Population outlook (Milwaukee County) Hauer SSP2

• Today (2025): 995,758 people
• By 2030: 1,009,124 · +1.3%
• By 2040: 1,028,128 · +3.3%
• By 2050: 1,040,066 · +4.4%
• By 2075: 1,057,849 · +6.2%
• By 2100: 1,039,774 · +4.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 22% Hispanic / Latino 5% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 3% Portuguese 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Milwaukee

• 2024 margin: Solid D (+38.5) · D 68.3% · R 29.8% · Other 1.8%
• 2008→2024 swing: +2.7pp toward D · 2008: 35.9pp · 2024: 38.5pp
• All cycles: 2024: D+38.5 2020: D+39.9 2016: D+37.5 2012: D+34.6 2008: D+35.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -194.98%
• Current HPI: 172.4275
• Rent YoY: ▲ 8.61%
• Metro: Milwaukee-Waukesha, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

1 event — show timeline

• 2026-05-19 Listed $180,000 METROMLS